Incremental Equivalent Debt definition

Incremental Equivalent Debt has the meaning assigned to such term in Section 6.01(a)(xxiii).

Incremental Equivalent Debt means secured or unsecured Indebtedness of the Albertsons Group in the form of senior secured first lien term loans or notes or junior lien term loans or notes, subordinated term loans or notes or senior unsecured term loans or notes, or any bridge facility; provided that: (a) the terms of such debt securities do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the Latest Maturity Date at the time of incurrence of such debt securities (other than customary offers to repurchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default), (b) other than with respect to a customary bridge facility, the covenants, events of default, guarantees, collateral and other terms of which (other than interest rate and redemption premiums), taken as a whole, are not more restrictive to the Parent Borrower and its Restricted Subsidiaries than those in this Agreement unless (i) the Term Lenders holding the Term B Loans also receive the benefit of such restrictive terms, (ii) such terms are not effective until the Latest Maturity Date of the then existing Term B Loans or (iii) such other terms are reasonably satisfactory to the Agent; provided that a certificate of a Responsible Officer of the Parent Borrower delivered to the Agent at least three Business Days (or such shorter period as the Agent may reasonably agree) prior to the incurrence of such Incremental Equivalent Debt, stating that the Parent Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement, (c) no Subsidiary of Holdings (other than the Parent Borrower, a Co-Borrower or Guarantor) shall be an obligor, (d) no Incremental Equivalent Debt shall be secured by any collateral other than the Collateral, (e) such Indebtedness has an aggregate principal amount not to exceed the Incremental Amount as of the date of incurrence and (f) such Incremental Equivalent Debt shall be subject to the requirements set forth in the second proviso of Section 2.8(b) to the extent such Indebtedness is in the form of term loans (other than a customary bridge facility) that are secured on a pari passu basis with the Term Loans.

Incremental Equivalent Debt has the meaning specified in Section 2.15(a).

Examples of Incremental Equivalent Debt in a sentence

• Notwithstanding the foregoing, Indebtedness incurred (a) under the Loan Documents, any Incremental Commitments and any Incremental Loans shall only be classified as incurred under Section 7.03(a), (b) as Credit Agreement Refinancing Indebtedness shall only be classified as incurred under Section 7.03(v) and (c) as Incremental Equivalent Debt shall only be classified as incurred under Section 7.03(u).

• The Borrower may appoint any Person as arranger of such Incremental Equivalent Debt (such Person (who may be the Administrative Agent, if it so agrees), the “Incremental Equivalent Debt Arranger”).

• Liens on cash proceeds (and the related escrow accounts) in connection with the issuance into (and pending the release from) a customary escrow arrangement of the Senior Notes, any Refinancing Notes, any Incremental Equivalent Debt, any Ratio Debt and, in each case, any Permitted Refinancing thereof.

• For the avoidance of doubt this clause (e) shall not apply to Incremental Equivalent Debt incurred in compliance with clause (f) below.

• Once such Incremental Facilities or Incremental Equivalent Debt is reclassified in accordance with the preceding sentence, it shall not further be reclassified as incurred under the original basket pursuant to which such item was originally incurred.

More Definitions of Incremental Equivalent Debt

Incremental Equivalent Debt means Indebtedness incurred by the Borrower or any other Loan Party in the form of (i) notes or loans secured on a pari passu basis with the Secured Obligations, (ii) notes or loans secured on a junior basis to the Secured Obligations, (iii) unsecured notes or loans and/or (iv) commitments in respect of any of the foregoing issued, incurred or implemented in lieu of loans under an Incremental Facility; provided that:

Incremental Equivalent Debt has the meaning specified in Section 7.03(u).

Incremental Equivalent Debt is defined in Section 6.14(u).

Incremental Equivalent Debt has the meaning assigned to such term in Section 6.01(z).

Incremental Equivalent Debt means Indebtedness incurred by the Loan Parties in the form of senior secured or unsecured notes or loans or junior secured or unsecured notes or loans and/or commitments in respect of any of the foregoing issued, incurred or implemented in lieu of loans under an Incremental Facility; provided, that:

Incremental Equivalent Debt means any Indebtedness that satisfies the following conditions:

Incremental Equivalent Debt has the meaning set forth in Section 7.03(z).